The Bank of America Customized Cash Rewards offers 3% cash back on the category of your choice; 2% cash back at grocery stores and wholesale clubs (on the first $2,500 spent each quarter in the 2% and 3% categories combined); and 1% cash back on all other purchases. The card also offers cell phone protection benefits and access to Visa Concierge and the Visa Signature Luxury Hotel collection. Plus, earn unlimited 1% cash back on all other purchases automatically. See which one might be a better fit for you. July 21, 2022, 5 Things You Must Do Before The Next Recession, Wells Fargo Autograph Card vs. Bank of America Customized Cash Rewards Credit Card, 8 important differences between Wells Fargo Autograph Card and Bank of America Customized Cash Rewards Credit Card, Bank of America Customized Cash Rewards Credit Card review, Bank of America Customized Cash Rewards Credit Card, Earn 30,000 bonus points after spending $1,500 in purchases in the first 3 months - that's a $300 cash redemption value, Earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of account opening, Earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Why are some major banks - Capital One and Discover, for example - capable of offering secured credit cards with no annual fee, while others charge $25+ per year? These features make Wells Fargo Active Cash an attractive card all-around. Most credit cards from Wells Fargo (a WalletHub partner) have $0 annual fees, and many give rewards, 0% intro APRs or both. How can I activate my Wells Fargo credit card? Your PIN should have been mailed to you in a separate envelope from the one with your card. You likely wont spend over the $2,500 quarterly limit, after which your rewards drop to 1%. (You wont have branch access if you live in Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont or West Virginia.) You can choose from two savings accounts, three CD types in various term lengths, five checking accounts and various IRA options.

FinanceBuzz is reader-supported. loss of principal. The Wells Fargo Active Cash earns 2% cash rewards on purchases with no cap on the rewards a cardholder can earn. For example, you may want to earn interest on your checking account, but you cant quite meet the Interest Checking Accounts $25 monthly fee. SmartAsset does not review the ongoing So make sure you know where you stand before applying. Intro APR on purchases and qualifying balance transfers, Up to 3% cash back in one category of your choice. Balance transfers made within 120 days qualify for the intro rate and fee of 3% then a fee of up to 5%, with a minimum of $5 applies. The 70th percentile of wage-earning households bring in $107,908 annually and we base spending on that number. Read on to find out more about each bank and their fees, rates and more. Bank of America has fewer account options, as well. Youll also need to have an SSN or ITIN. Rewards through the Wells Fargo Rewards program may be redeemed for cash back, on purchases, as gift cards, as charitable donations and more. What credit score do you need for Wells Fargo Platinum Card? The Autograph has loads of benefits and no limits on the amount of rewards you can earn. If youre looking to activate a Wells Fargo debit card instead, you can use all of the above methods. The Wells Fargo Active Cash is the simpler alternative to cards like the Chase Freedom Unlimited. If you have a question about an existing account, you can reach Wells Fargos credit card customer service department at 800-642-4720. Do you feel comfortable with its customer service? The Wells Fargo Autograph Card and Bank of America Customized Cash Rewards Credit Card offer bonus rewards in everyday categories. Its also worth noting that you may not be eligible for introductory APRs, fees and/or bonus rewards offers if you opened another Wells Fargo credit card within 15 months of your application. You can opt-out of sharing your personal info here. These are questions to ask before choosing a bank. You might be using an unsupported or outdated browser. The program is free to join, but you have to meet these requirements: Preferred Rewards has three tiers with increasing bonus rewards and daily balance requirements: Since the Wells Fargo Autograph has no association with Bank of America, its cardmembers miss out on potential Preferred Rewards value a possible 25% to 75% bonus to your earning potential thats available on the Customized Cash Rewards. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' Youll also be able to use your card right after. You might choose the Wells Fargo Autograph if: You might choose the Bank of America Customized Cash Rewards if: The better card between the Wells Fargo Autograph and Bank of America Customized Cash Rewards Credit Card depends on your spending habits and financial goals. These are top recommendations in a variety of categories, including travel, cash back, balance transfer, and more. This compensation comes from two main sources. This makes accessing your accounts or speaking to a representative in-person pretty easy whether youre at home or traveling the country. Wallethub doesnt charge for this service. Please try again later. 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. You can meet the requirements of the Preferred Rewards program. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more Foreign transaction fees are often added to any foreign purchase you make with a credit card. matching tool like SmartAssets SmartAdvisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. Wells Fargo does offer a Teen Checking Account, geared toward teens just learning how to manage their money properly. Citi Double Cash Card is another no-annual-fee card offering an unlimited 2% cash back on all purchases1% when purchases are made and another 1% when theyre paid off. Wells Fargo Active Cash Credit Card Review. Are you sure you want to rest your choices? At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. While this is pretty standard for big banks, you can find much higher rates elsewhere. The Wells Fargo Active Cash card even comes with an intro APR of 0% for 15 months from account opening on both purchases and balance transfers. The no-annual-fee Discover it Cash Back is a card with a cash-back rewards scheme that requires a second read to fully understand: 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum of $1,500 in spending when activated. This is usually the main drawback of big banks since they have to keep up with the costs of maintaining thousands of physical locations. Working with an adviser may come with potential downsides such as payment of fees registered with the U.S. Securities and Exchange Commission as an investment adviser. progress debit creditcards limit comparecards rewards Wells Fargo does outperform Bank of America when it comes to CD rates. Its primary benefit is that it allows you to choose how you earn cash back each month. Bank of America includes these purchases in its grocery stores category: Bank of America includes these purchases in its gas category: Yes, the Wells Fargo Autograph comes with these travel benefits: The ultimate winner between the Wells Fargo Autograph and Bank of America Customized Cash Rewards Credit Card depends on your personal finance goals. Youll also want to work with a financial advisor to get ready for retirement and create a plan to achieve your financial goals. The likely best use of each of these cards would be to pair them together. Application for a Wells Fargo Active Cash Card may be completed online at the issuers website. Bread Cashback American Express Card 2022 Review: Another Slice Of The 2% Pie. Although the Wells Fargo Active Cash card is considered one of the best credit cards for cash back rewards, there are also several other good options available on the market. Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months, Earn Unlimited 2x miles on every purchase, every day. We encourage everyone to share their knowledge while respecting our content guidelines. The Chase Freedom Unlimited offers an introductory APR: 0% introductory APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49% - 25.24% applies. Rewards may be transferred among Wells Fargo Rewards accounts and gifted to other Wells Fargo account holders. It is fairly hard to get a Wells Fargo credit card, as most Wells Fargo cards require good credit or better for approval. Thousands of branches and ATMs throughout the world paired with online and mobile banking allows you to deposit, withdraw or simply check on your money virtually anywhere. Unless youre willing to open a credit Information provided on Forbes Advisor is for educational purposes only. Why dont some big banks - Wells Fargo, for example - have celebrity credit card spokespeople? Again, Wells Fargos simple savings account earns at a mere 0.01%. As big banks, neither Wells Fargo nor Bank of America offer very special interest rates. Both banks offer a standard suite of bank accounts complete with savings, checking and CD accounts. While Bank of America does make fee allowances for students, it does not have specific accounts for younger owners. SmartAssets below. You can monitor your credit score with WalletHubs free daily updates to ensure that your credit isnt affected by closing your Wells Fargo account. Wells Fargo also has a huge suite of bank accounts to offer. Standard message rates apply. But you might prefer the intro APR offers and control over how you earn cash back with the Customized Cash Rewards. An account with zero balance also helps your credit utilization. It also provides multiple intro APR offers. You can take advantage of this offer when you apply now. As with all credit cards, youll need to have a steady income and be at least 18 years old. This card also offers 2% cash rewards on all purchases. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. For more options, use our dedicated page to compare credit cards. Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. Its options would likely prove more useful and flexible compared to whats available on the Customized Cash Rewards. The easiest credit card to get from Wells Fargo is the Wells Fargo Business Secured Credit Card, which is available to business owners with bad credit. If you meet the credit score requirement and a few other requirements, it becomes easier to get a Wells Fargo credit card. Will the 5% and 3% cash-back categories make up for the missing 0.5% cash back on everything else?

The Wells Fargo Autograph typically requires a good or excellent credit score while the Customized Cash Rewards typically requires an excellent credit score. Forbes Advisor estimates the household has $32,072 in expenses that can be reasonably charged to a credit card. Please let us know if you notice any differences. Before completely cancelling your card, though, make sure youre doing it for the right reasons. Contactless Cards - The security of a chip card, with the convenience of a tap. In any case, its always good to have an escape plan, so all Wells Fargo cardholders should know how to cancel their accounts should the need arise. Do you think Wells Fargos credit card business has been affected by the companys recent scandals? Your web browser (Internet Explorer) is out of date and no longer supported. Wells Fargo credit cards are available to consumers, students and small business owners with credit scores ranging from bad to excellent, though the best Wells Fargo cards require a good credit score of at least 700 for approval. Youll also want to be wary of the fees these banks charge and the minimums they may require. Neither Wells Fargo nor Bank of America offer a unique fee schedule. The two cards are well matched and it ultimately comes down to which one is a better fit for your needs. Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offers details page using the designation "Sponsored", where applicable. Finding the right bank, whether youre switching banks or starting from scratch, isnt always easy. This includes choosing between these categories: But theres a limit of $2,500 each quarter before the earning rate reverts to 1% cash back. You can, however, boost your rate here with more premium banking packages. If money is tight, you should consider a, Remember that preparing for your financial future entails more than just finding the right bank. We have not included all available products or offers. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. The Wells Fargo Autograph is primarily a travel credit card since it earns points and offers certain travel benefits. There is also an intro balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, completed within the first 4 months of account opening. The cards may make a good pair for some, but more likely using the Active Cash with a card with even more higher-earning categories and an even wider array of benefits would better benefit most people. Both Wells Fargo and Bank of America offer their customers incredibly convenient access to their accounts. Keep in mind that the credit score implications are at least worth considering before you cancel any credit card account, especially if you plan to take out a big loan in the next six months or so. All Rights Reserved. Those can help indicate whether an account is right for you or not. Reviewed by John Kiernan, Credit Card Editor. The Chase Freedom Unlimited offers more benefits, including purchase protection, extended warranties and a number of travel protections. But if your card is lost or stolen, you should report it immediately, by calling the same phone number. Comparing wells fargo credit cards can be tough. What are the Wells Fargo credit card minimum requirements? rewards citi A balance transfer fee of up to 5% of the amount transferred applies, the Discover it Cash Back offer is similar to the Active Cash. Is itFDIC-insured? If you want the best Wells Fargo credit card approval odds, make sure to pay your bills on time and try to keep your credit utilization around 30%. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Formerly known Comenity Bank, Bread Financial is serving up its own hot take on a 2% cash-back card. WalletHub may share your information with third-parties in order to show personalized offers, as well as enable you to interact more easily with pre-fill forms or applications. That way you can avoid any unnecessary surprise charges. But the Customized Cash Rewards could make sense for its customized bonus categories and intro APR offers. But which bank is better? The Forbes Advisor editorial team is independent and objective. Theres a $25 deductible and a maximum of two successful claims per year. And its a quick and easy process, so you should be able to start using your card within minutes of receiving it. parking For starters, Wells Fargos basic Way2Save Savings account only earns at a 0.01% APY. : ', '}}.

The Bank of America Customized Cash Rewards is considered a cashback credit card. But youve got the knowledgeable WalletHub community on your side. Thats a question each potential cardholder must decide based on his or her financial situation, budget and spending patterns. Bank of America Customized Cash Rewards Credit Card, 0% APR for 15 billing cycles for any qualifying balance transfers made in the first 60 days (then 15.49% - 25.49% variable). At a glance, it might seem like the Customized Cash Rewards is the better option because you get to choose how you earn your cash back. Use these tips as guidelines on why you might choose one of these cards over the other. Still, 2 weeks is pretty much standard with most lenders, so just be patient and the card will get to you. No annual fee and no expiration on rewards. Your financial situation is unique and the products and services we review may not be right for your circumstances. How do I cancel my Wells Fargo credit card? The Wells Fargo Active Cash earns an unlimited 2% cash rewards on purchases and charges no annual fee. Theres a ann First National Bank Of Omaha Business Edition Secured Visa Credit Card 2022 Review. Here are the credit score ranges on the FICO scoring model: Your approval odds could be better with the Wells Fargo Autograph compared to the Customized Cash Rewards depending on your credit score. Balance transfers made within 120 days qualify for the intro rate and fee of 3% then a fee of up to 5%, with a minimum of $5 applies and a welcome bonus: $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months. This includes fees for overdrafts, insufficient funds, out-of-network ATM transactions and more. Wells Fargo credit card requirements include having a credit score of 700+ (for most cards) and providing standard personal information such as your name, address, and date of birth. However, you can still certainly find the bank online and on mobile. For those who want only one card for all spending needs, wed recommend the Active Cash in most situations. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status. Past performance is not indicative of future results. The Wells Fargo Active Cash also comes with a first-year welcome bonus: $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months. Use the Discover it Cash Back to earn 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum of $1,500 in spending when activated. With a 0% introductory APR for 15 months on purchases and eligible balance transfers. That means you could earn up to 5.25% cash back on purchases in your choice category. The Wells Fargo Autograph card allows you to earn unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. This is not an offer to buy or sell any security or interest. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. However, if youre expecting high-earning interest rates, neither Wells Fargo nor Bank of America will be the bank for you. Ph.D., Professor of Business Administration, Ben L. Fryrear Faculty Fellow and and Director, Katz Doctoral Program, University of Pittsburgh, Katz Graduate School of Business, Ph.D., Associate Professor of Finance, Menlo College, Associate Professor in the Department of Marketing & Logistics and Behavioral Lab Coordinator at Florida International University, MBA, Assistant Professor of Business, Carson-Newman University, Ph.D., Assistant Professor of Marketing, Elon University, D.B.A., Assistant Professor of Marketing and Business Administration, Barton College, School of Business, Wells Fargo Business Platinum Credit Card, American Furniture Warehouse Credit Card review, check your latest credit score for free on WalletHub, Blue Cash Preferred Card from American Express, 0% intro APR on qualifying balance transfers, Reports to the three major credit bureaus, 10% Off Shopping Pass initial rewards bonus.